Revolution Medicines (NASDAQ:RVMD) Shares Gap Down - Here's What Happened

Revolution Medicines, Inc. (NASDAQ:RVMD - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $40.04, but opened at $38.45. Revolution Medicines shares last traded at $38.91, with a volume of 965,773 shares trading hands.

Analyst Ratings Changes

Several brokerages have recently weighed in on RVMD. HC Wainwright reissued a "buy" rating and set a $72.00 price target (down previously from $73.00) on shares of Revolution Medicines in a research report on Wednesday, May 14th. Wedbush reaffirmed an "outperform" rating and set a $67.00 price target on shares of Revolution Medicines in a research report on Thursday, May 8th. Guggenheim lowered their price objective on Revolution Medicines from $87.00 to $80.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Needham & Company LLC reissued a "buy" rating and set a $57.00 target price on shares of Revolution Medicines in a research note on Thursday, May 8th. Finally, Oppenheimer upped their price target on Revolution Medicines from $70.00 to $75.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat, Revolution Medicines presently has a consensus rating of "Buy" and an average target price of $67.08.

Revolution Medicines Stock Performance

The company has a 50-day moving average of $39.47 and a 200-day moving average of $40.14. The stock has a market cap of $7.43 billion, a price-to-earnings ratio of -9.98 and a beta of 1.10.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($1.13) earnings per share for the quarter, missing the consensus estimate of ($1.12) by ($0.01). During the same quarter last year, the firm earned ($0.70) EPS. As a group, equities research analysts forecast that Revolution Medicines, Inc. will post -3.49 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RVMD. Boxer Capital Management LLC acquired a new stake in shares of Revolution Medicines during the 4th quarter worth about $187,184,000. Janus Henderson Group PLC lifted its stake in shares of Revolution Medicines by 54.5% during the 4th quarter. Janus Henderson Group PLC now owns 9,483,999 shares of the company's stock worth $414,777,000 after purchasing an additional 3,346,755 shares during the period. Lunate Capital Ltd acquired a new stake in shares of Revolution Medicines during the first quarter worth $77,658,000. Vanguard Group Inc. grew its position in shares of Revolution Medicines by 14.7% in the fourth quarter. Vanguard Group Inc. now owns 17,096,455 shares of the company's stock valued at $747,799,000 after purchasing an additional 2,185,082 shares during the period. Finally, Farallon Capital Management LLC increased its stake in Revolution Medicines by 17.1% in the fourth quarter. Farallon Capital Management LLC now owns 13,248,692 shares of the company's stock valued at $579,498,000 after purchasing an additional 1,931,000 shares during the last quarter. Institutional investors and hedge funds own 94.34% of the company's stock.

Revolution Medicines Company Profile

Revolution Medicines, Inc, a clinical-stage precision oncology company, develops novel targeted therapies for RAS-addicted cancers. The company's research and development pipeline comprises RAS(ON) inhibitors designed to be used as monotherapy in combination with other RAS(ON) inhibitors and/or in combination with RAS companion inhibitors or other therapeutic agents, and RAS companion inhibitors for combination treatment strategies.

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